RATE Group | Alibaba Founder Bullish about Blockchain But Doesn’t Care About Bitcoin
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Alibaba Founder Bullish about Blockchain But Doesn’t Care About Bitcoin

20 May Alibaba Founder Bullish about Blockchain But Doesn’t Care About Bitcoin

Posted at 21:12h in Bitcoin News by

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Alibaba Founder Bullish about Blockchain But Doesn’t Care About Bitcoin

Jack Ma, executive chairman and founder of Chinese tech juggernaut Alibaba, stated while he’s bullish about blockchain technology, Bitcoin is in a bubble.

Speaking at a forum at the second World Intelligence Congress held in Tianjin on the 16th of May, the Alibaba Group Holding Ltd founder — who holds a personal fortune estimated at over $42 billion — emphasized the importance of the underlying distributed ledger technology that drives Bitcoin, rather than the currency itself:

“Blockchain is now a hot word. First, blockchain is not a bubble, but Bitcoin is a bubble. Bitcoin is just a tiny application of blockchain. Blockchain is not a huge gold mine. At least inside Alibaba, blockchain must be a solution that addresses the privacy and security issues in the digital era.”

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Ma expressed dissatisfaction with the manner in which the blockchain technology behind Bitcoin is being used, joining the ranks of blockchain maximalists such as…

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